Shay Foulk with Ag View Solutions predicts cost of corn production for 2023 will average $5.35 per bushel. That number is an all time high and it’s due to an increase in every crop input from nitrogen to diesel to labor. The story is the same for the other major commodity of soybeans, and presumably for wheat as well. The reason: crop input price inflation. The good news: farms are still predicted to turn a profit in 2023, helped by high commodity prices. And, these are nominal dollars, not real dollars (we’ll explain!). What does all this mean to you, me, the rest of the Ag sector and our consumers? Shay joins Joe Vaclavik of Standard Grain to shed light on marketplace outlook amid the most expensive crop ever planted looming this spring.
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